***NOTE: With 2 ATRs in GLD, raise stop now to no loss 104.35.
***Lower first target: 108.45 for ½ off
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Existing Position:DBA: Long 20.17 ATR: .23
Name of Instrument: (ARCX) PwrShs DB Ag Fd
Current Price: 20.03
Sell Stop: 19.64
Reason for Trade: After a 2-day reversal pattern, the move over the 10 DMA, even though it is still under the 50 DMA, gives us a good risk/reward ratio to the lows. If good, then once it clears the 50 DMA our target is reasonable. Furthermore, we can move the stop up under the 10 DMA if it doesn’t make a move sooner rather than later.
First Target: 20.99 for ½ off
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*Existing Position: Long GLD 104.35 ATR: 1.28
Name of Instrument: SPDR Gold Trust
Current Price: 106.54
****No loss Stop: 104.35
Reason For Trade: In a Recovery Phase and trying to base, like the wider risk to see if it can hold the January Calendar Range Low 102.49. If it does, 106.24 is the January Calendar Range high. If that clears it also clears the 100 DMA with next overhead resistance at 109 the 200 DMA. At this point I’d rather hold GLD in case it has bottom but we will look to take some off around 2:1 risk/reward ratio or at around 109-110 level.
***LOWERED First Target: Sell ½ at 108.45
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New Position: RSX: Long 13.70 ATR: .60
Name of Instrument: Market Vector Russia ETF Trust
Current Price: 14.20
Sell Stop: 12.77
Reason for trade: On Jan. 15th this gapped lower and proceeded to provide a two-day Reversal pattern at the lows which was followed by a gap higher leaving an Island-Bottom formation in place. This pattern is a strong signal that a longer term bottom is now in place and provides support from which to trade.
First Target: 15.47 for ½ off
